LinkedIn, the social media network owned by Microsoft Corp that focuses on business professionals, on Monday said it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.
LinkedIn, which has 20,000 employees, grew its revenue every quarter last year, but joins other major technology companies, including its parent, in laying off workers amid a weakening global economic outlook.
In the past six months, more than 270,000 tech jobs have been cut globally, says Layoffs.fyi, which has been tracking the fallout.
Photo: Reuters
Before LinkedIn’s announcement, 5,000 technology jobs had been eliminated this month alone, Layoffs.fyi says.
In a letter to employees, LinkedIn CEO Ryan Roslansky said the move to cut roles in its sales, operations and support teams was aimed at streamlining the company’s operations, and would remove layers to help make quicker decisions.
“With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors,” Roslansky wrote.
The vendors are “external partners” who would take on new and existing work, a LinkedIn spokesperson said.
Roslansky said that the changes would result in the creation of 250 new jobs.
Employees affected by the cuts would be eligible to apply for those roles, the spokesperson added.
LinkedIn also said that it was eliminating the slimmed-down jobs app that it offers in China after it decided in 2021 to mostly withdraw from the country.
The remaining China app, called InCareer, is to be phased out by Aug. 9, LinkedIn said.
“Despite our initial progress, InCareer faced fierce competition and a challenging macroeconomic climate, which ultimately led us to the decision of discontinuing the service,” the company said.
LinkedIn would retain a presence in China to help companies operating there to hire and train employees outside the country, the spokesperson said.
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